Steps in Accounting Cycle

First Post During the accounting cycle, there are a number of steps that must be accurately completed in order to produce complete financial statements and accounting records. The following is another view of this cycle: Analyze transactions Record journal entries Post journal entries to respective ledger accounts Create unadjusted trial balance Record adjusting entries Post adjusting entries to respective ledger accounts Create adjusted trial balance Construct financial statements Record closing entries Create post-closing trial balance However, there are many steps along the way that can lead to the issue of fraud or significant errors. REQUIRED Based on your knowledge of the accounting cycle and the various steps that must be performed during this cycle, answer the following questions: What are some incorrect or fraudulent actions that can be performed, in at least 3 of the steps above, that would cause the accounting data to be inaccurate? In other words, select 3 of the steps above and indicate at least 1 incorrect or fraudulent action that could be performed (i.e. recording a false journal entry, or incorrect mathematics being performed on a trial balance or financial statement). For each of the errors or fraudulent actions noted in question 1 above, what would you do to prevent or detect this? post must address the questions above and not contain any grammatical errors and have any sources of information cited (outside of our class textbook and lecture notes if any additional material was referenced 2nd Post Discuss a time during your current role this semester (or in the past) where you have had a unique work-related problem arise that required you to step outside of your “box” and utilize new skills, work with different individuals/parties, or work longer/harder than normal to resolve. How did it feel? Did you learn anything from it? If you have NOT yet had a unique problem or circumstance arise, please write about what unique problems could you face in an accounting role that is not traditionally associated with Accounting (for example, public speaking is a skill that many people would not relate to Accounting, but it actually happens more than you think!). How would you address this problem?

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